Document background
The Third Party Risk Assessment document serves as a critical tool for organizations operating in Hong Kong to evaluate and manage risks associated with third-party relationships. It is particularly relevant in today's interconnected business environment where organizations increasingly rely on external partners for critical services and operations. The assessment framework is designed to comply with Hong Kong's regulatory requirements, including HKMA guidelines, PDPO requirements, and cybersecurity regulations, while incorporating international risk management standards. This document should be used when engaging new third-party service providers, conducting periodic reviews of existing relationships, or when significant changes occur in the business relationship or regulatory environment. It includes comprehensive evaluation criteria across multiple risk domains, detailed assessment procedures, and risk mitigation strategies.
